The business of climate action

Startups such as Climes, Lowsoot, and WOCE have recently surfaced to help companies and individual go carbon neutral, a market at the cusp of explosive growth in India.

The business of climate action

Friday August 05, 2022,

3 min Read

The bears win again.

After six days of green, both domestic indices ended lower on Thursday. BSE Sensex closed at 51.73 points lower at 58,298.80 while Nifty50 lost 6 points to close at Rs 17,382.

Meanwhile, global coffee chain Starbucks has entered the Web3 space, launching a rewards programme that will offer branded digital collectibles, joining many others like McDonald’s, Burger King, Pizza Hut, and Taco Bell.

Also, it’s International Beer Day, in case you needed an excuse to get a pint (or few) of your favourite brew. 

Kinda poetic that it’s on a Friday, really.

The business of climate action

Would you opt for a 'carbon neutral' wedding, a bus ride, or a cup of coffee? 

New-age startups have popped up across the globe, including in India, to help individuals calculate, track, and reduce their carbon footprint or emissions (carbon dioxide, CO2) generated during activities, and offset the same by financing a green project. 

Green shoots:

  • The global carbon footprint management market size is projected to reach $12.2 billion by 2025 from $9 billion in 2020.
  • In India, the idea of carbon neutrality is at a nascent stage, with startups taking the lead. Players such as Climes, Lowsoot, and WOCE have launched new offerings.
  • Climes has tied up with companies such as MakeMyTrip, Zingbus, The Wedding Brigade, and TEDx, to offer the option of going carbon neutral at the checkout. 
How carbon offset works


New metrics and priorities for VCs

The year 2021 saw $38 billion flowing into the ecosystem and more than 40 unicorns emerged. It was also a period when venture capitalists were gripped with FOMO (fear of missing out).

But funding activity in the startup ecosystem has now subdued. Venky Harinarayan, Partner, says, “Now capital is scarce with investor bar being higher. We are in transition now and it is hard to say where it will settle.”

Where’s the money:

  • The total venture capital funding in July this year stood at $652.7 million compared to $2.7 billion in June.
  • Startups may now have to raise capital at a lowered valuation or at a flat round.
  • The quality of a startup and the founder is now making all the difference for the investor community.

Making Ahimsa (peace) silk global

At her day job, Iaishah Rymbai teaches mathematics in an upper primary school. A handloom weaver and entrepreneur in her after-school hours, she is determined to take her silk brand, EriWeave, to all corners of the world.

“Along with my education, my mother was also insistent that I learn our traditional art and craft, especially Eri silk weaving,” the entrepreneur from Meghalaya told HerStory.

Weaving magic:

  • Eri silk differs from other silk because it’s non-violent, vegan, and also known as Ahimsa silk as it’s processed without killing the silkworm.
  • EriWeave products, comprising scarves, stoles, and fabric are sold via online channels, including Facebook and Instagram. They are also available on its website.

Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!